Ownership percentage vs. profit allocation percentage

[Will Barksdale]

BP, I have an interesting question regarding ownership percentage vs. profit allocation percentage within an LLC. I want to have an operating agreement where party A owns 60% of the LLC and party B owns 40%. Additionally, we want to split all profits and losses 50/50 in a buy and hold rental business. Here’s the question: -can the paper losses of depreciation, interest deduction, and other write offs be split 50/50, or would they be required to follow the ownership percentages instead? Looking forward to your inputs. I’ve done a bunch of searches for this data and have been unsuccessful-I’m probably not searching for the correct words.